The budget of 2018 received less 8 billion in taxes – Ministry of Finance

The state budget revenue from taxes in 2018 amounted to 716,6 billion, which is 8.1 billion less than planned.

The state budget of Ukraine by the end of 2018 fell short of UAH 8.1 bn in tax revenues. On Wednesday, January 2, the press service of the Ministry of Finance.

In particular, according to the Ministry, tax revenues in the General Fund budget for 2018 are 716,6 billion, which is 8.1 billion below the planned target.

As explained in the Ministry of Finance, in the past year, there were several factors that complicated implementation of the state budget revenues.

“Several key factors that had a negative impact on tax revenues: advance rent payments (in December 2017 was paid 4.8 billion UAH, which were incorporated into the plan for 2018), the decline in production of tobacco products (10.1% over 11 months in 2018), as well as the prices of petroleum products, which were lower included in the state budget, the lack of devaluation of the hryvnia, smaller volumes of natural gas imports”, – stated in the message.

The Ministry added that in parallel, the amount of compensation of value added tax were higher than anticipated.

In addition, tax revenues to the state budget have been adjusted by 3.2 billion UAH, which were directed to local budgets for road maintenance (“the customs experiment”).

We will remind, in Ukraine, January 1 came into force the law on the State budget of Ukraine for the year 2019.

It was also reported that the Ministry of Finance in the end of the year, closed the “hole” in the budget by selling government bonds.

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